tv CNN Newsroom CNN November 27, 2009 3:00pm-4:00pm EST
plus new details today on the couple who crashed the white house state dinner. out here you really feel like a caged animal and it's the polar bears that are looking in on you. >> an intense assignment. tracking polar bears, a team of cnn journalists gets an up-close view of life on the tundra. and what's your shopping personality. and the national conversation for november 272009 starts now. >> i'm ali velshi sitting in for rick sanchez, we will bring you all those stories, but now tiger woods in an accident and in serious condition from an accident near his home in florida. this is his home, this is tiger woods home according to our affiliate, this is according to the police report where the
accident took place. we are waiting for more news on the condition of tiger woods, but we have got, according to -- with are hearing now news in that he has got lacerations, facial lacerations, cuts, hard to determine from the police report what serious injuries mean. but we are looking at pictures of tiger woods home. this is on deacon circle in florida. this is his home and this is hi parentally very close to where the accident took place. here's what i've got, we have got the police report right here. i'm going to tell you what it says, it's from the florida highway patrol. it does say that the accident took place or the report, the time on the report is 2:25 p.m. so a little over 12 hours ago. in orange. the report says that tiger woods was in a 2009 cadillac suv.
it says that his injuries are serious in the box where it asks whether the next of kin have been notified, there is no check, there's nothing that's been said there, it asks if there was a seat belt or a child restraint involved it says unknown and on the box where it says alcohol related, the word no is written in. here are the details from the police report from the florida highway patrol about tiger woods. the driver had just pulled out of the driveway at his residence and we're showing you the pictures at the residence, we'll show you that again. the driver had just pulled out of the driveway at his residence located at 6843 deacon circle. v 1 struck a fire hydrant and then it struck a tree at 6343 -- the driver was transported to
central hospital. the injuries are being described to us as serious. we do not know what his condition is, we have been told that the injuries are serious, and we are waiting for more information on that. now tiger woods is a name that is known to everyone, he is -- he has won 14 major competitions in golf. he has more career wins for the pga than anyone else, he was the highest paid athlete in the world in 2008, earning about $110 million from endorsements and winnings that he's had. he's credited by many people with a growth in the popularity of golf because he's one of those people who has been so associated with almost supernatural skill in the sport that he has drawn a lot of interest in it and he's also sort of stimulated a lot of parents to want to get their kids early into golf. now tiger woods has sustained injuries in the past, he came
back, he had knee surgery last year. came back fairly successfully from that. but he has -- this is where his home is located and that's what we're looking at, we're getting pictures in from our affiliate in florida showing us pictures outside of tiger woods' home or what they tell us is tiger woods' home. we do not know who else was in the vehicle at the time. or at the home for that matter. this report is filed at 2:25 a.m. and it's not clear from the report which i'm looking at, i've got in my hands, whether the report was filed at 2:25 or the accident is said to have taken place at 2:25, but early hours of the morning. so we do not know what the circumstances were who was in the car. now his wife just gave birth to their second child earlier this year. the boy, his name was charlie axle was born on february 8 of this year. so tiger woods has two children and lives with his wife but we
don't know whether his family was at the home at the time, whether his wife was there or who was in the car. and more importantly, we do not know what the circumstances were that led tiger woods to be driving a car that hit a hydrant outside of his house or anything else. i will tell you that, again, according to this police report from the florida highway patrol, the report says under the box it says alcohol related, it says no. that's the information we have on the situation involving tiger woods in florida, but this is what we know. there has been an accident, the injuries sustained are described as serious. we don't know what -- he is -- i'm just hearing from my producer that we have confirmed that tiger woods we mains in hospital, he was transferred to something called health central hospital. near his home in florida. we are going to update this story as information is coming in now. you can stay with us on cnn and we will continue our coverage with the situation surrounding tiger woods.
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continuing our breaking news on this story of tiger woods, we have confirmed reports that tiger woods was involved in a car accident, a car crash last night, early this morning. those are pictures from our affiliate wesh from windermere, florida. we'll be giving you some details as to where that is. those are some pictures coming in. according to the police report that i have in my hand from the florida highway patrol, it's time stamped at 2:25 a.m. a 2009 cadillac suv driven by
tiger woods was involved in an accident. the driver pulled out of the driveway at his residence and located at 6348 deacon circle. as the vehicle began down deacon circle, it hit a fire hydrant, the vehicle then struck a tree. the driver was transported to health central hospital. the crash remains under investigation. charges are pending. it does say very clearly on this press release that it was not alcohol related. we have confirmation that tiger woods remains in hospital and that his injuries are serious but his condition is not necessarily serious. i don't want to say that it's not serious. there's a distinction between those two things and we do not know that his condition is serious, we know that his injuries are serious. he has suffered facial
lacerations. tiger woods, as you know, is one of the most prolific athletes and certainly the highest earning athlete as of last year, earning more than $110 million in winnings and sponsorships. we do not know his conditions, but we have affiliates on the way, reporters on the story and we will bring you everything there is to know about this accident and the condition that tiger woods is n stay with us with this, momentarily i will be speaking with somebody who interviewed tiger woods and knows a lot about him very shortly. another developing story this hour, the pair of pilot who is said they were distracted, disstraktsed, remember this? the northwest airlines flight last month that overshot its destination in minneapolis because the pilots were, quote, distracted. today we hear them, we hear the pilots and we hear what they say. we hear the controllers, they're relieved just to talk to somebody on that plane. the faa has just released the cockpit audio recordings from that day, you have heard them.
you're about to hear them. roll it. >> northwest 15-10, if you would transmit on change to frequency 1-3-3 point 4-5 and transmit to a northwest 1-88 and see if he answers you. >> so you want 33-45 northwest to 1-88 to come to your frequency? >> northwest 15-10 if you can raise him on that frequency, bring him over this frequency. >> are you talk to that -- >> they took nor dorks o about it. >> i heard some chitchat about that. >> that was controller chatter going on before they were able to raise contact with the pilots of northwest flight 188. at that point the controllers didn't know if that flight was in trouble or why they hadn't been able to talk to the pilots. finally, finally, a voice from the cockpit. listen to this. >> minneapolis, northwest 188.
>> minneapolis center, go ahead. >> roger, we got distracted and we have overflown minneapolis. we are overhead eau claire and we would like to make a 180 and do arifle from eau claire. >> northwest 188, roger, turn to the right to a heading of 100. >> northwest flight 188 left san diego, destination was minneapolis. the pilot and co-pilot say they were using their lap top computers and didn't notice that they had flown past minneapolis. let me read you a little more of that conversation, remember, this was the controllers main concern that something had happened to the crew, something awful had happened to the crew. minneapolis center, that's control asks, i have just had to verify that the cockpit is secure. the northwest pilot now turning the plane around now responds is it is secure, we got distracted. there were 144 passengers on
board that flight, the pilots turned the plane around and they did land. the faa yanked their licenses, calling them extremely reckless for losing track of time. what we don't have on those tapes is the conversation that was going on in all that time that the pilots were apparently distracted. that would be interesting to hear. all right, being overweight, it is a factor in many diabetes cases and it costs a lot to treat. the cost to treat diabetes in fact could triple and we'll all be paying for it. that's coming up next, more on our breaking story, the tiger woods car accident in florida, we're monitoring all the new information coming in on that story and we'll have it to you shortly. (announcer) we understand. you need to save money. but aleve can last 12 hours. and aleve was proven to work better on pain than tylenol 8-hour.
breaking news right now and that is that tiger woods has been involved in a serious car accident or a car accident where his injuries are described as serious. this took place outside his home in windermere, florida, orange county, florida, outside of orlando. we have have pictures there of the area outside his home from our affiliate wesh. we also have cnn journalist at the hospital, the health central
hospital which is where tiger woods is. in fact we have confirmation that he remains there, he's suffering according to our affiliates with facial lacerations, we don't know more about his condition, we know that he has served serious injuries, we don't know who was in the car with him. we know that the police report, or at least the release that we have been given by the florida highway patrol indicates that the time on this was 2:25 in the morning. it does say that tiger woods was in a 2009 cadillac suv which had just pulled out of the driveway at his residence, he began to drive on deacon circle, which is the road you're looking at there, it struck a fire hydrant, then struck a tree located a little down the street from his residence. the driver was transported, the driver being tiger woods was transported to health central hospital. let's go to health central hospital right now. a cnn journalist is there at the hospital. john? >> reporter: hi, ali, i just
arrived moments ago and the outside of the hospital is lined with local reporters from the local stationings here and our calls into the hospital have neither confirmed nor denied reports of him being here. but various local reports have said that he is here, but as you had stated, the florida highway patrol and the release stated that tiger woods injuries were serious but we don't know his actual condition, we haven't been able to confirm those conditions and the fact that he's still here in the hospital. but all indications seem to be that he remain at this location, but we haven't been able to confirm that for sure. >> we're going to dig a littlejohn, into tlittle, john, into the distinction between his injuries being serious, and his injuries being serious. people around here who know about that are telling us that there's a distinction between
the two. facial last rations, we don't know if that means his condition is serious. tiger woods just recovered last year from his knee injury. tell us a little bit about those of us who don't know the geography all that well, where the hospital is versus orlando and where his house. >> tiger woods' house is out in the windermere area and that is very much in the very western end of the orlando area. and health central is also at the western end of the orlando metropolitan area. technically, windermere is its own city and so is -- health central is in the city of ocoee.
>> john, stay with us, unless somebody of course needs to talk to you because we want to get the information from that hospital as soon as we can. gary bruen is the mayor of windermere, florida. mayor gary bruen are you on the line with us? do you know if tiger woods is still in the hospital. >> it's my understanding that he has been released? >> so you think he's been released, na's what you have heard? >> yes. >> we don't know what the story is, we have got our journalist at the hospital who's going to try to confirm that. you understand that he's been released, you have that on good authority? >> yes, i do. >> do you know if he's been released and headed home or where he's going? >> i can't answer. >> what do you know about this situation? >> well, an accident occurred about 2:30 this morning. windermere police were first upon the scene. we did arrive within a minute and a half on our border.
i understand that there was some facial lacerations, he was taken to health central hospital. where he was treated and i'm told that he was released. >> do you know what the call was when its came in that our police responded to? >> i do not know specifically, i would assume because of it going out would have been 911 and we have mutual aid meaning whoever's closest to the scene would arrive. and we were closest to the season because i can actually say they're maybe two minutes from our police station and that would have been followed up with orange county who would have had jurisdiction in that area and would have taken over the investigation. >> what do you know about what happened? a police report says he pulled out of the driveway, drove on deacon circle, struck a fire hydrant and then struck a tree. we're trying to piece together what that means. >> that is the same information that i am getting, yes. >> do you have any idea as to what was behind that?
>> no, not at all. >> it says charges pending, i guess that's sort of normal for a police report if there's no charges. >> i think it's nothing more than an accident, you know, but from that standpoint, they have got -- they have to let everything run its full course and run the investigation to see what was involved. >> and as far as you understand, is that investigation is active at the moment and they're out there trying to figure out what happened? >> i don't know that it will probably be an ongoing investigation and that can take, you know, a number of days for it to come to conclusion. >> is health central hospital the logical place that they would have transported somebody to that location if they were involved in an accident? >> absolutely, health central is the hospital that serves windermere, ocoee and the entire county. >> so mayor there's nothing about the situation that you know that seems unusual? >> absolutely not anything that
i'm aware of, it just seems like a very strange accident that occurr occurred. we responded and made sure that his safety was taken care of and as i understand it, basically it was facial lacerations and as i'm understanding it, nothing that serious. >> we hope you're right about that. >> mayor gary bruhn of windermere, florida. john cowls, our platform journalist is where tiger woods was taken after this accident. we understand that tiger woods was involved in an accident in a car he was driving a cadillac suv 2009, that's a picture of his house that we're looking at right now. he was taken to health central hospital and that's what we have for sure. beyond that we are trying to establish whether he's been released from hospital or whether he's still there according to the mayor of windermere whose police responded to that call early in the morning this morning.
his understanding is that he has been released. we have somebody at the hospital who's going to try to get to the bottom of that right now. we also have somebody who has had a very recent conversation with tiger woods. we'll continue to bring you this story, this breaking news on tiger woods right after this. (announcer) a cold or flu can start fast... new tylenol cold rapid release gels day and night release medicine fast to relieve painful coughs, congestion and sore throats. so you can feel better. wow!
them indicating that early, early this morning they responded to a call, tiger woods was involved in an accident on the street on which he lives, an automobile accident. he was the drive of a 2009 cadillac suv, he was then transported to hospital with injuries as described on the police release as being serious. we don't know what his condition is, we have a journalist at health central hospital in florida in the orlando area. you're looking at pictures from our affiliate wftv from outside tiger woods' home. the street outside tiger woods' home. according to the report, tiger woods was driving on deacon circle and struck a fire hydrant and then struck a tree. we just spoke to the mayor of windermere. i just wanted to get a feel of where windermere is. >> very close to kissimmee and the disney world area. on that picture, above the word b there, you see those
barricades, and on google earth, i was able to see that at some point there really was a fire hydrant there. either it was still there and you couldn't see it because of the barricades, but that was the one that he hit and then proceeded off into the neighbor's yard. i'll take you back in to windermere, florida. we'll zoom into this map. just stay right there on that map and we will fly in. there we go, right in the mid of orlando, right there is the town, right there is tiger woods residence and also the accident location. so literally, alley, he only had about 100 feet of acceleration even to get to that point where his house, where he came out of his driveway and into the spot right there where that -- those barricades are now that you see. if you kind of zoom out a little bit, very exclusive area, completely gated. don't try to go there because you can't there.
golf course all around these lakes. we're going to get to bay hill and then we're going to get to windermere. as we zoom farther and farther out, here's orlando, you'll be able to see the runways right through there and that's it. and as we keep zooming out from the middle part. there's tampa right through here and there's central florida. >> we're going to get some sense of it, we just heard from the mayor or windermere. he said he was transported as health -- we have a report from the mayor, he says he understands that tiger woods has been released from hospital, we haven't confirmed that just yet. so we're going to stay on that. chad, thank you for that. i want to take you to jimmie roberts who's a correspondent, an analyst with nbc golf, obviously you see a lot of those matches on nbc. jimmy, what do you know about this? >> just what i'm hearing and reading. not much more than that. you know, i know that tiger
played last two weeks ago in australia and won. i know that he was scheduled to play next week in his own tournament which is the chevron challenge. >> this is going to be at thousand oaks in california? >> right. >> and he had won that quite frequently, he obviously didn't play last year because at this time last year, he was still recovering from his knee injury. >> it's a limited field event, it's an invitational. generally the top players in the world. but it's his tournament, it's been sponsored by a number of different companies, most recently by chevron. it's been around for about ten years now. the first one was in 1999 so maybe exactly ten years. it will be interesting to see whether he plays next week or not. >> i have got patrick schnell here, who's with cnn. you have spoken, this is a little bit of the off-season in golf, you spoke to tiger woods just a couple of months ago. >> yes just before he stuhoved f
to asia. season ending fedex cup finale playing out here in east lake in atlanta. a quick one-on-one with him. he wasn't a happy bunny in terms of his golfing performance. he had been one upped on that day by his friend and rifle phil mickelson and he did win the overall fedex cup prize money, he lost out to mickelson on the day. he's been a little bit up and down in 2009 but it's been a year of getting back on track after the surgery, he's seemingly over that and now he's facing what could be another lengthy layoff. we don't know, details are still sketchy, but 2009 was all about the come back from him, and proving not so much his form but his fitness and now he's facing this. >> nobody wants to wish any kind of injury on anyone, but the only information we have at this moment about his condition is an unconfirmed report that he has facial lacerations and another
unconfirmed report from the mayor of windermere, florida that he's been released from hospital. if those two things are true, then that's a good outcome of a bad accident? >> i guess. i mean, you know, at this point, i think everything is highly speculative. you got to remember that he won the u.s. open two years ago playing on a broken leg. >> what's your sense of where he is in his career? in his career of greatness, he's somebody that's been described as one of the finest athletes of all time, somebody with an ability that goes beyond the average of the best. >> well, i, you know, this is the subject of much debate all over the world. i can just tell you this, i was actually preparing something for next week for our broadcast and looked at some numbers and i can tell you that in the heart of his career, jack nicklaus, won 15% of the time that he played and that pretty much set the standard for success in golf.
tiger woods over the last ten years has won 30% of the time that he's played. so it's double the success rate of the best player to have ever played the game. to endless discussion about tiger and what he's accomplished and what he might yet accomplish and he's also one of the fittest golfers certainly, and it's been said many times, that this is a guy who looks more like a big defensive back, like a strong safety, maybe even a linebacker than a golfer. >> what do you think, patrick. >> i totally agree. i won't say that tiger was always aspiring, he's always had something to aim at, has always had to eclipse jack nicklaus's all-time, which is still lacking behind just a little bit. but woods said he always had this thing, this phenomenon called jack nicklaus to aim at which nicklaus said in the last part of his career was just adding to his majors. but certainly when you travel
around the world, and our program airs globally, we speak to people all the time globally. it's ongoing as jimmy says who's the best of all time, nicklaus or woods, some people say nicklaus, some people say woods. >> this breaking news story about injuries that have been sustained by tiger woods early this morning outside his home in windermere, florida. we're going to stick with this and other stories we're going to bring you, stay with us, you're watching cnn. here, let me get my cellular out - call ya a wrecker. ...oh shoot...i got no phone ...cuz i'm a pothole...so....k, bye! anncr: accidents are bad. anncr: but geico's good. with emergency road service. ding!
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all right, we're continuing to cover the story of tiger woods and his injuries. we have confirmed tiger woods was involved in an accident, he was driving a car, a cadillac suv on his own street having emerged, according to the police report from his driveway on his street, his car struck a fire hydrant and then struck a tree. the address given is a couple of
addresses, a couple of doors down from where he lives, might be the next door in windermere, florida which is outside of orlando. police responded, he was then taken to health central hospital where we have a cnn journalist. we did just speak to the mayor of windermere, florida who told us that his understanding was that tiger woods has been released. we have no confirmation on the injuries. we are told, according to the police report, it says right here, i have got it in my hand and there are little words and then you fill in a space, next to injuries, on this it says serious. next to alcohol related, it says no. so injuries say serious, alcohol related says no. i have been told by people who know more about these things than i typically do that the fact that his injuries are serious does not mean his condition is serious and according to the mayor of windermere, he could have been released from hospital already. according to one of our affiliates, the injuries include
facial lacerations. those of you who follow tiger woods career, we all follow his career to some degree, but those who follow it closely know that he was out last year with knee surgery, but we do not know what these injuries are and how they're going to affect him. we know he's going to play in his own tournament in thousand oaks, california next tuesday. let's turn to this question now, talking about fitness and athletes, did you eat too much of that stuffing or pumpkin pie? what a day for a study that shows that we're eating our way as a nation into a big financial hole. are you ready for this? because i wasn't. let me show you what we are paying today to treat diabetes, $113 billion is the annual cost according to the university of chicago. $113 billion a year to treat diabetes whose number one risk factor is being overweight. now here's the real shocker.
are you ready for this? by 2034, the annual number to treat diabetes will triple. we will spend $336 billion a year. that from a matter of perspective is more money than we have spent in total on the war in afghanistan. a study that came out today predicts that cases of diabetes will nearly double in the next quarter century. we'll go from about 24 million people i think now who have diabetes to almost double that. and we're going to get to the why of that, but first we want to look at these costs, and for that, we turn to dr. elbert wang, he is the author of the study that appears in the magazine "diabetes care." dr. wang, thank you very much for being here. >> thank you for having me. >> the cost of treating diabetes, is that a measure of how many people who have
diabetes, to if we're going to double the number of people who have diabetes is that why it's going to cost more? >> the costs are going to increase not only because we're taking care of more people but they're also getting sicker at the same time. so the cost of the diabetes include the cost of the medication and also the complications, like heart attacks, strokes and end stage renal disease. >> so the number of people you're expecting to suffer from diabetes is almost double, yet the costs are going to be -- you got the number of people 23.7 million and the university of chicago is predicting 44.1 million in 25 years. so that's less than double the number of people who will suffer from diabetes, and yet the cost is going to triple? >> that's right. the cost of diabetes are linked to how many complications you develop and the complications of diabetes are related to how long you live with the disease. so we're predicting that in 25
years, people will not -- there will be not only more people, but many of the people with diabetes will have had it for many, many years. >> victims of our own success, to some degree, people with diabetes live longer or will live longer? >> that's correct. >> what's the easiest way to cut that number. and i know most people glaze over because when they seeing a gra -- seeing a greg gat costs of health care, this is one that we can easily lop off a large portion of the extension if we can be preventative about it. >> we can reduce the number of people that have diabetes and also reduce these costs. the first step is probably increasing efforts to try to prevent diabetes. we can't change our age, we can't change the aging process, but we can try to shift the distribution of people who are
obese and overweight down. >> and is it pretty clear to you that's going to really change the game, if there are fewer people who are obese? >> that could dramatically change the game. the projections that we have produced really represent the cost of doing nothing. if we don't make any changes in our dietary habits or our exercise habits. if we don't do anything, this is what will happen. the second part is also trying to come up with new efficient ways of treating diabetes. >> what's the advancements there that you're looking at? what are the logical things that we can do that are more efficient in how you treat diabetes? >> there are probably two things that i can think of. in existing medications, if we targeted people who are younger and have a longest history ahead of them. it turns out if you control diabetes within the first ten years of the disease, you can fantly reduce long-term complications and the second, i think thing that could happen is that we could in the next 25
years have new developments in medications. that's more hypothetical, we don't know what will happen down the pipeline, but both in combination could reduce diabetes care costs. >> dr. albert huang thank you for telling us about this and probably a good time to think about what we can do in our own little battle to make sure we don't get diabetes in our own battle and how to control it if we can. we should try to be a little bit healthier and more fit. thank you. >> they clearly calculated that they were going to somehow slip into a white house state dinner. which is really a game of luck. >> well, manipulating, lucky, either way, we know their names now and that's not all. new details about the couple who crashed the white house state dinner. and more on our breaking news this hour. the car crash involving golf superstar tiger woods, you're going to hear part of his recent interview with cnn in just a moment.
major development in this breaking news story that we have been following on tiger woods. we now have a statement from tiger woods publicist. listen to this. this is from health central hospital and tiger woods' office. tiger woods was in a minor car accident outside of his home last night. he was admitted, treated and released today in good condition. there you have it. tiger woods has been released from hospital. he, according to his publicist was in a minor car accident,
released and treated from health central hospital. the accident took place outside his home. the police report said it happened, or at least the police report indicates a time of 2:25 a.m. outside his home. said that he was driving a cadillac suv, was driving on the circle in which he lives, hit a fire hydrant then hit a tree. police responded first, windermere police took him to health central in orlando and he has been released. that is word that we got from the mayor of windermere shortly -- a little while ago and we just confirmed that now that tiger woods has been released and has been treated and he's in good condition, according to his publicist. if all it takes to become a reality show star is flash -- >> mr. and mrs. salahi. >> despite not being on the guest list for tuesday's white house state dinner, she and her husband tareq salahi were there.
as you can see from the pictures that the couple posted on facebook. as mrs. salahi glammed p for the camera, she was followed by bravo tv's real housewives of d.c. the salahis are well known to her neighbors in virginia horse country and in the courts. the couple's name appear in more than a dozen lawsuits some involving a feud about the family's oasis winery. but the salahi's grand appearance at the state dinner, the secret service is investigating how it happened. how did they get in and whether criminal charges could be file. agents visited the salahi family winery. and the publicist says that the
salahis did not crash this event. we look forward to setting the record straight very soon, end quote. we look forward to setting the record straight too very soon. they get paid more in yearly bonuses than most people earn in their lives. we'll talk to a billionaire banker who's the author of "last man standing."
minneapolis. today the conversation between the pilots and ground controllers was made public. listen to this. >> all right. stay right there. plenty more to tell you about those recordings. plenty more audio to play for you, and, yes, there's an update on how northwest airlines and the faa handled this incident and the pilots would say they were, distracted, end quote. tune into "the situation room" right here after this program right here on cnn. also ahead on "the situation room," the latest on the tiger woods car crash i've been telling you about this hour. his publicist issued a statement saying he has been released and
was in good condition. we are going to stay on top of that. and finally, so many of you have responded to our tweets, our messages about wall street, bankers and bonuses. well, a guy you're looking at right there knows a lot about this. he's been up close and personal with some of the people who control our banking system and make a lot of money. we'll hear from him. why they make what they make and whether they should when we come back. dband. 31 are streaming a sales conference from the road. 154 are tracking shipments on a train. 33 are iming on a ferry. and 1300 are secretly checking email on a vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. right now get a free 3g/4g device for your laptop. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access www.sprintrelay.com
bonus by any other name is still a bonus. goldman sachs is due to give out $20 billion and goldman is calling the payouts discretionary compensation. others may call them incentives and folks on main street may have another name for them, outrageous. what gives? are the masters of the universe living on another planet. i happen to know a guy who spent time with masters of the universe. duff mcdonald, a contributor for "new york" magazine has written a book called "lastman standing" and the name alludes to the fact that jamie diamond is perhaps the least tainted and the one who has come through this battle in the best form. i don't know if a lot of my viewers know a great deal about him. in a nutshell, why did you write this book and who is jamie dimon? >> the reason i wrote this book is pretty much every bank you
could name on wall street was teetering on the edge of the brink and about going out of existence in the 2007-'08 crisis. jpmorgan emerged stronger from the crowd and in fact ended up ahead of the pack and all due to the leadership of a gay named jamie dimon. >> as valid as that may be, do you get pelted with eggs when you tell people that you wrote a book that actually speaks in positive terms about a banker? >> yeah. you know, it's interesting, it does not seem like it was the right time to -- to say anything positive about a banker, but i think what people need to remember is not all these people are the same and not all these people have done anything wrong. jpmorgan in particular was acting far more prudently than most of the competition coming into this crisis and coming through the crisis. >> but, boy, it's fashionable these days to be generally mad. i remember reading an article you wrote, i think it was one of
the finest articles i've ever read particularly on the idea of bonuses a year ago, you understand this is a structure and how wall street works. you also understand that they don't get what main street is all that angry about. >> oh, well as regards goldman sachs which is what that article was about, it was in "new york" magazine a couple years ago, i think the public is under the mistaken impression that people at goldman actually care what anybody thinks. it's a private company. it doesn't have a consumer brand, so they are not losing any customers in the process offagering people, and these are guys who eat what they kill, so as far as they are concerned, they made the money, they are paying themselves the money. >> do you think that's different at a place like jpmorgan chase? >> oh, absolutely. you know, it's not that the leadership at jpmorgan is underpaid, but they do have retail brands. they got the chase bank brand in particular, so they are a lot more sensitive to the optics of this stuff, and at least in terms of admitting and acting as
if they were some sort of apology necessary for where we came to, they were way out ahead of that and way out ahead of people like goldman. >> tell me something. make your best argument to me if there's an argument to be made or tell me if there isn't one about why the general bonus structure on wall street should continue in this environment. >> well, you know, it's interesting. i always thought bonuses were obscene myself, but i think the people that need to respond to it and the people who can respond to it are shareholders, and it was always funny to me that when goldman went public, had you these shareholders that were watching the management of the bank take pretty much the entirety of the firm's profits and diffey up among the employees as opposed to among shareholders which is the way it tends to go in publicly traded corporations. it's interesting that in the last week or so we heard some rumblings from goldman's own shareholders. whether or not the government should get involved in setting pay, i think i come out on the
nose side on that except in the case where, you know, where government is actually a lender to places like citigroup or aig, but then it's not the government acting in tells of setting xenatixe compensation, it's a huge lender in setting compensation. >> you've written a back about a guy named jamie dimon whom a lot of people don't know, but in the last couple of weeks, and i know you were working on your book a lot longer than that, but in the last couple of weeks there are people who said jamie timon might become a name very, very familiar to americans because he might be someone considered to replace the current treasury secretary tim geithner. >> i get into that at the end of the book. jamesy is one of -- he's one of those guys who is at a point in his career where he has to wonder what's next, you know. i did this. i did that. i did that. government -- public service is something he's definitely thought about, and if that call actually came, i would not be surprised if he took it. >> yeah. >>